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Question - Prepare a correct Classified Statement of Financial Position.
The balance sheet of LL Auctioneers below contains numerous errors despite balanced amounts. Some of the accounts plugged in the report are not balance sheet accounts, however, all the amounts are accurate.
LL Computer Café Balance Sheet Month ended July 31, 2020
Utilities Expense
Computer Equipment
Advertising Expense
Equipment
Rent Expense
Drawings
Accounts Receivable
Accounts Payable
Cash
Service Revenue
Owner's Capital
Salaries Expense
1,800
100,000
3,800
20,000
15,000
500
52,000
5,600
544,600
139,000
600,000
Required -
1. Prepare the correct balance sheet, and date it correctly.
2. Compute the total assets, total liabilities, and owner's equity.
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